The peak season has passed, and the off-season is coming, and Shanghai copper is facing downward pressure

In terms of spot, on November 8, the trading price of Yangtze River spot 1# copper was 66370-66410 yuan / ton, down 140 yuan / ton; Liter 20-liter 60, down 60 yuan / ton
.
In the spot market, traders are not shipping smoothly, receivers' willingness to receive goods is low, downstream consumer sentiment is sluggish, and the overall trading situation is not ideal
.

In terms of inventories, as of November 8, copper stocks on the London Metal Exchange (LME) decreased by 1,475 tons, or 1.
74%, to 83,075 tons; As of November 8, the warehouse receipt of Shanghai copper futures in the previous period was 21,410 tons, an increase of 2,183 tons
from the previous day.

On the supply side, it is reported that the current agreement at the Las Banes copper mine in Peru to resume supply; On November 07, the spot warehouse of electrolytic copper in the domestic market was 98,900 tons, an increase of 03,400 tons from October 31 and a decrease of 00,400 tons from November 7; coupled with the gradual increase in the recent arrival of spot goods, the Shanghai ratio is conducive to overseas copper customs clearance imports, so the domestic mainstream market community library maintained an increasing trend
.
However, global explicit inventories are still falling, continuing to support
copper prices.

On the demand side, copper prices rose last week, curbing consumption in the spot market; In addition, the basis of Shanghai copper is still large, and there is no other stock demand
downstream except for just need to purchase.
At present, the feedback on demand remains sluggish, and consumption is becoming more and more cold as the off-season approaches
.

Overall, macro sentiment tends to ease, the dollar index continues to fall, coupled with the upcoming start of the US midterm elections, and the US inflation data will hit one after another, the market is waiting for more guidance
.
The fundamental pattern is maintained, spot supply is relatively tight, global explicit inventories continue to be low, and there is also support
below.
At the same time, the high growth rate of infrastructure development and the prosperity of new energy continue to drive copper demand
.
However, it should still be noted that there are expectations
of weakening on the demand side.
The peak season has passed, the off-season is coming, the downstream consumption performance is becoming more and more cold, and the shipments of cargo holders are not smooth, resulting in a succession of downward quotations and downward pressure
.
However, the market feedback that the price of long-term orders will increase significantly in 2023, and it is expected that the copper price will not fall smoothly, and the price range is at a resistance level
.